• HFRU Equity Hedge Index posted a gain of +1.88% through mid-July, 2013, with contributions from Healthcare, Emerging Europe and Technology sectors, partially offset by positioning in Brazil and India.

• HFRU Event Driven Index posted a gain of +1.11% through mid-July, with contributions from European and Asian Equity Special Situations and Global Merger Arbitrage strategies.

• HFRU Macro Index posted a gain of +0.91% through mid-July, with contributions from Systematic strategies concentrated in Currencies and Commodities, which were partially offset by Active Trading and Volatility strategies.

Global equity markets recovered much of the June declines through mid-July as investor concerns over near term extraction of stimulus measures by US Federal Reserve subsided; equities posted gains across most regions, balanced across the US, European, Asian and Emerging Markets. European equities also gained across most regions, led by strength in the Netherlands, Russia, Sweden and the UK; Asian equities also posted gains led by Japan, China & Australia. US gains were led by small cap and Technology exposures, with sector strength in Biotechnology, Energy and Semiconductors, as implied volatility declined through mid-month.

European government bond yields declined for the month through mid-July, led by declines in Germany, France, Hungary and the Netherlands; Asian bond yields were mixed rising in China and Hong Kong while falling in Japan. The US yield curve steepened, rising is longer dated maturities while short dated yields fell, high yield credit tightened after sharp June losses.

The US dollar traded in narrow range through mid-July, gaining against the British Pound Sterling & Japanese Yen, while falling against the Euro & Canadian Dollar. Energy & Metals Commodities partially recovered from June declines, with mid-July gains led by Oil, Platinum and Silver, while Agricultural commodities were mixed with gains in Wheat & Cocoa offset by declines in Corn & Soybeans.